Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Walmart Inc., adjusted financial ratios

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Activity Ratio
Total Asset Turnover
Reported 2.59 2.55 2.49 2.32 2.20 2.20
Adjusted 2.60 2.56 2.51 2.33 2.22 2.22
Solvency Ratios
Debt to Equity
Reported 0.50 0.56 0.58 0.51 0.60 0.73
Adjusted 0.58 0.64 0.66 0.59 0.67 0.84
Debt to Capital
Reported 0.33 0.36 0.37 0.34 0.38 0.42
Adjusted 0.37 0.39 0.40 0.37 0.40 0.46
Financial Leverage
Reported 2.87 3.01 3.17 2.94 3.12 3.17
Adjusted 2.52 2.61 2.69 2.50 2.66 2.73
Profitability Ratios
Net Profit Margin
Reported 2.88% 2.41% 1.93% 2.41% 2.43% 2.86%
Adjusted 2.38% 2.74% 1.53% 2.77% 2.94% 2.75%
Return on Equity (ROE)
Reported 21.36% 18.50% 15.23% 16.42% 16.69% 19.93%
Adjusted 15.62% 18.31% 10.32% 16.15% 17.33% 16.69%
Return on Assets (ROA)
Reported 7.45% 6.15% 4.80% 5.58% 5.35% 6.29%
Adjusted 6.21% 7.02% 3.83% 6.46% 6.51% 6.11%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walmart Inc. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walmart Inc. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walmart Inc. adjusted debt-to-capital ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Walmart Inc. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walmart Inc. adjusted net profit margin ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walmart Inc. adjusted ROE improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walmart Inc. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

Walmart Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 674,538 642,637 605,881 567,762 555,233 519,926
Total assets 260,823 252,399 243,197 244,860 252,496 236,495
Activity Ratio
Total asset turnover1 2.59 2.55 2.49 2.32 2.20 2.20
Adjusted
Selected Financial Data (US$ in millions)
Net sales 674,538 642,637 605,881 567,762 555,233 519,926
Adjusted total assets2 259,075 250,736 241,694 243,387 250,660 234,581
Activity Ratio
Adjusted total asset turnover3 2.60 2.56 2.51 2.33 2.22 2.22

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Total asset turnover = Net sales ÷ Total assets
= 674,538 ÷ 260,823 = 2.59

2 Adjusted total assets. See details »

3 2025 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 674,538 ÷ 259,075 = 2.60

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walmart Inc. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Debt to Equity

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 45,790 46,891 44,622 42,831 48,871 54,469
Total Walmart shareholders’ equity 91,013 83,861 76,693 83,253 80,925 74,669
Solvency Ratio
Debt to equity1 0.50 0.56 0.58 0.51 0.60 0.73
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 60,114 61,321 58,923 57,323 63,246 72,433
Adjusted total shareholders’ equity3 102,963 96,156 89,757 97,335 94,140 85,842
Solvency Ratio
Adjusted debt to equity4 0.58 0.64 0.66 0.59 0.67 0.84

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 45,790 ÷ 91,013 = 0.50

2 Adjusted total debt. See details »

3 Adjusted total shareholders’ equity. See details »

4 2025 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareholders’ equity
= 60,114 ÷ 102,963 = 0.58

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walmart Inc. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Debt to Capital

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 45,790 46,891 44,622 42,831 48,871 54,469
Total capital 136,803 130,752 121,315 126,084 129,796 129,138
Solvency Ratio
Debt to capital1 0.33 0.36 0.37 0.34 0.38 0.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 60,114 61,321 58,923 57,323 63,246 72,433
Adjusted total capital3 163,077 157,477 148,680 154,658 157,386 158,275
Solvency Ratio
Adjusted debt to capital4 0.37 0.39 0.40 0.37 0.40 0.46

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 45,790 ÷ 136,803 = 0.33

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2025 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 60,114 ÷ 163,077 = 0.37

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walmart Inc. adjusted debt-to-capital ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Financial Leverage

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 260,823 252,399 243,197 244,860 252,496 236,495
Total Walmart shareholders’ equity 91,013 83,861 76,693 83,253 80,925 74,669
Solvency Ratio
Financial leverage1 2.87 3.01 3.17 2.94 3.12 3.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 259,075 250,736 241,694 243,387 250,660 234,581
Adjusted total shareholders’ equity3 102,963 96,156 89,757 97,335 94,140 85,842
Solvency Ratio
Adjusted financial leverage4 2.52 2.61 2.69 2.50 2.66 2.73

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 260,823 ÷ 91,013 = 2.87

2 Adjusted total assets. See details »

3 Adjusted total shareholders’ equity. See details »

4 2025 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareholders’ equity
= 259,075 ÷ 102,963 = 2.52

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Walmart Inc. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.

Adjusted Net Profit Margin

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 19,436 15,511 11,680 13,673 13,510 14,881
Net sales 674,538 642,637 605,881 567,762 555,233 519,926
Profitability Ratio
Net profit margin1 2.88% 2.41% 1.93% 2.41% 2.43% 2.86%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 16,079 17,609 9,262 15,721 16,317 14,323
Net sales 674,538 642,637 605,881 567,762 555,233 519,926
Profitability Ratio
Adjusted net profit margin3 2.38% 2.74% 1.53% 2.77% 2.94% 2.75%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Net profit margin = 100 × Consolidated net income attributable to Walmart ÷ Net sales
= 100 × 19,436 ÷ 674,538 = 2.88%

2 Adjusted consolidated net income. See details »

3 2025 Calculation
Adjusted net profit margin = 100 × Adjusted consolidated net income ÷ Net sales
= 100 × 16,079 ÷ 674,538 = 2.38%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walmart Inc. adjusted net profit margin ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 19,436 15,511 11,680 13,673 13,510 14,881
Total Walmart shareholders’ equity 91,013 83,861 76,693 83,253 80,925 74,669
Profitability Ratio
ROE1 21.36% 18.50% 15.23% 16.42% 16.69% 19.93%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 16,079 17,609 9,262 15,721 16,317 14,323
Adjusted total shareholders’ equity3 102,963 96,156 89,757 97,335 94,140 85,842
Profitability Ratio
Adjusted ROE4 15.62% 18.31% 10.32% 16.15% 17.33% 16.69%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × 19,436 ÷ 91,013 = 21.36%

2 Adjusted consolidated net income. See details »

3 Adjusted total shareholders’ equity. See details »

4 2025 Calculation
Adjusted ROE = 100 × Adjusted consolidated net income ÷ Adjusted total shareholders’ equity
= 100 × 16,079 ÷ 102,963 = 15.62%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walmart Inc. adjusted ROE improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 19,436 15,511 11,680 13,673 13,510 14,881
Total assets 260,823 252,399 243,197 244,860 252,496 236,495
Profitability Ratio
ROA1 7.45% 6.15% 4.80% 5.58% 5.35% 6.29%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 16,079 17,609 9,262 15,721 16,317 14,323
Adjusted total assets3 259,075 250,736 241,694 243,387 250,660 234,581
Profitability Ratio
Adjusted ROA4 6.21% 7.02% 3.83% 6.46% 6.51% 6.11%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 19,436 ÷ 260,823 = 7.45%

2 Adjusted consolidated net income. See details »

3 Adjusted total assets. See details »

4 2025 Calculation
Adjusted ROA = 100 × Adjusted consolidated net income ÷ Adjusted total assets
= 100 × 16,079 ÷ 259,075 = 6.21%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walmart Inc. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.